The company posted a profit after tax of Rs 28.7 lakh for the year, compared with a loss of Rs 4.1 lakh in FY15. Net sales stood at Rs 79 lakh, almost ten times the Rs 8.5 lakh posted in the previous fiscal.

The spokesperson added that these numbers didn't depict the complete picture since the company's "parent entity is in the US, as depicted in the shareholding structure, and consolidated profit or loss is booked there."

Razorpay, the second Indian company to be selected for the Y-Combinator accelerator programme, was founded by IIT-Roorkee alumni Shashank Kumar and Harshil Mathur. Kumar earlier worked with Microsoft while Mathur worked at oilfield services company Schlumberger.

The company, which helps businesses accept online payments via credit/debit card, netbanking and mobile wallets from their end-customers, has over 5,000 merchants, including Papa John's, Knowlarity, Chai Point, Nestaway and Eatfresh, among others.

Razorpay competes with well-funded players such as Citrus, CCAvenue and MobiKwik in India.